1. What is a Superannuation Rollover?
A superannuation rollover is the process of transferring your retirement savings from one super fund to another. This is commonly done to reduce fees, access better investment options, simplify account management, or transition to a self-managed super fund (SMSF).
- Reduce multiple account fees
- Improve investment performance
- Simplify tracking and contributions
- Access superior insurance benefits
2. Key Types of Superannuation Rollovers
| Type | Description |
|---|---|
| Fund-to-Fund | Switching from one industry or retail fund to another |
| SMSF Rollover | Transfer to a self-managed super fund for greater control |
| Employer-Sponsored | Move super from employer’s fund to your chosen personal fund |
| Retirement Rollover | Transfer super to an income stream upon retirement |
3. Benefits of Rolling Over Your Super
Consolidating your super can save you thousands in fees and enhance investment growth.
- Lower Fees: Pay fewer admin and investment fees
- Improved Investment Returns: Move to high-performing funds
- Better Insurance: Choose funds with stronger life, TPD or income protection
- Streamlined Management: Easier to track and manage a single account
4. How to Rollover Your Super
- Log into MyGov and check your current super accounts linked to the ATO
- Compare funds based on fees, performance, and insurance coverage
- Use the ATO rollover portal or your new fund’s online form
- Verify that funds have transferred successfully
Tip: Be aware of exit fees or insurance loss when switching.
5. Super Rollover Trends and Data
- More than 6 million inactive super accounts still exist
- $16 billion in unclaimed super remains
- Over 600,000 Australians have SMSFs managing $900 billion
- More than $3 billion was rolled over in 2023
- Millennials are leading the charge in consolidating super funds
6. Pitfalls to Avoid
- Losing valuable insurance coverage
- Forgetting about contribution caps during rollovers
- Not choosing a suitable investment option in the new fund
- Tax issues when rolling over from an overseas pension
7. Rolling Into a Self-Managed Super Fund (SMSF)
- Invest in property, shares, crypto, etc.
- Set your own strategy and timing
- Potentially lower long-term fees for large balances
- Must comply with ATO regulations, annual audits, and admin duties
8. How to Find Lost or Unclaimed Super
- Check MyGov > ATO > Super to see all linked accounts
- Contact old employers to trace old funds
- Use professional services to help locate and consolidate
Tip: Consolidate early to avoid losing money to unnecessary fees and let your savings grow.
9. Tax Implications of Super Rollovers
- Domestic rollovers are tax-free
- Overseas rollovers (e.g., UK or US pensions) may be partially taxable
- Concessional contributions taxed at 15% within annual limits
- Non-concessional contributions up to $110,000/year tax-free
10. The Future of Super Rollovers
- Rollovers are now mostly digital via MyGov
- Auto-consolidation of low-balance inactive accounts is growing
- Public awareness campaigns are encouraging better super management
What this means for you: If you haven’t checked your super lately, now is the time to review, consolidate, and grow your retirement savings.
Need Guidance on Rolling Over Your Super?
At Taxopia, our superannuation experts help Australians consolidate funds, reduce fees, and transition to smarter super strategies like SMSFs. Speak with us today and take full control of your retirement future.